Well, President Joe Biden has done it again. He’s further ruined the hopes and dreams of a ton of workers across the country as the national chain of 99 Cent Only stores, which has 371 locations across four states, is now closing its doors for good. The reason? According to operators it’s due to a ton of theft and massive inflation.
Now, hold on a minute. You mean to tell me that there are people out there in our society, right now, who will legitimately steal things from a store where the merchandise is a dollar? Really? It’s a DOLLAR. How is it, with the rampant depravity happening in our country at the moment, God hasn’t decided to just give the United States an enema and removed the crap that is gumming up the intestines of this nation? After hearing this, I’m pretty sure we need a deep cleansing of the great American colon.
In summary, people suck.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” Mike Simoncic, who is serving as Interim Chief Executive Officer of 99 Cents Only Stores, went on to say Friday.
via the New York Post:
Simonic cited several factors for the shutdown, including the “unprecedented impact” of the COVID-19 pandemic, shifting consumer demand, persistent inflationary pressures and rising levels of shrink — an industry term that refers to inventory lost thanks to shoplifting, employee theft and administrative errors. Combined, those issues “have greatly hindered the company’s ability to operate,” Simoncic said.
“99 Cents Only Stores, together with its financial and legal advisors, engaged in an extensive analysis of all available and credible alternatives to identify a solution that would allow the business to continue. Following months of actively pursuing these alternatives, the company ultimately determined that an orderly wind-down was necessary and the best way to maximize the value of 99 Cents Only Stores’ assets,” he remarked.
The shut down will gravely impact all 371 locations across Texas, Arizona, Nevada, and California. The process to close up shop has already started, with locations beginning to liquidate product and toss a ton of inventory into the garbage. What’s said is that the chain of stores recently celebrated it’s 42nd year of operation when the decision was made to shutter the company.
99 Cents Only Stores joins a growing list of staple businesses to buckle under the pressure of mounting inflation.
Last month, Dollar Tree announced it would close 1,000 stores collectively between its namesake general discount stores and subsidiary chain, Family Dollar — shortly before hiking up its price cap to $7. Macy’s also revealed plans to shut down 150 stores, about 30% of its US namesake chain.
Part of the problem, as noted at the beginning of the article, is how high inflation is and how it refuses to go down. The Consumer Price Index back in February — which keeps track of the changes in the price of everyday items and services — came in at 3.2 percent higher than the 3.1 percent economists were expecting.
“Last week, the core Personal Consumption Expenditures Index — the Fed’s preferred inflation gauge which excludes volatile food and energy prices — rose 0.3% in February and 2.8% year-over-year — highlighting the difficulty in getting prices under control,” the report went on to say.